Malaysia’s listed firm Computer Forms (Malaysia) Berhad has partnered Thailand’s public listed firm Energy Absolute Public Company Limited (EAPCL) for electric vehicle (EV) joint venture.
Computer Forms said in a statement on Thursday that the firm has entered into an agreement with EAPCL’s subsidiary EA Mobility Holding Co. Ltd. to set up the joint venture.
The joint venture is for the purpose of conducting business across Malaysia, including but not limited to selling, distribution, assembling and production of electric vehicles, transports and related accessories and infrastructures which shall include products known as E-bus, E-truck, E-ferry and electric vehicle charger.
Computer Forms and EA Mobility will hold 50 percent stake each in the joint venture.
Computer Forms will fund its investment in the joint venture through its internally generated funds and/or bank borrowings, the proportion of which will be determined at a later date.
The firm recognizes that new opportunities emerge in the electric vehicle industry and the proposed joint venture will allow the group to diversify into the electric vehicle industry which is expected to provide sustainable income stream in addition to the group’s current income stream.
The proposed joint venture is expected to be completed by the first quarter of 2023.
Computer Forms prints and distributes computer forms, stock forms, and specialized forms.
Through its subsidiaries, the company also manufactures and distributes plastic cards, computer systems cards, and card printers. It also prints and supplies exercise books and magazines, and packaging materials.
EA Mobility commenced its business on August 29, 2014 and is an investment holding company.
The directors of EA Mobility are Somphote Ahunai, Amorn Sapthaweekul, Vasu Klomkliang and Supaporn Ahunai.
The major shareholder of EA Mobility is EAPCL which holds 99.99% of the equity interest of the company.
EAPCL commenced its business on March 27, 2008 and is a leading energy solutions and electric vehicle ecosystem publicly listed company in Thailand which holds one of largest market shares in terms of the electric commercial vehicles as well as electric vehicle charging infrastructure.
The directors of EAPCL are Somchainuk Engtrakul, Somphote Ahunai, Amorn Sapthaweekul, Wutthilerd Chiannilkulchai, Sutham Songsiri, Chainan Thumasujarit, Bravochat Chatchai, Pol.Gen.Phatcharavat Wongsuwan, Somboon Ahunai, Amornsuk Noparumpa and Somphop Keerasuntonpong.
The major shareholders of EAPCL are Somphote Ahunai and his family which hold 43.49 percent of the equity interest of EAPCL.